Dallas home price gains were the highest in the nation last month !!! (Corpus Christi: house, neighborhoods)

[BabyDoctor77]

University Park home price gains top North Texas cities | | Dallas Morning News

[serger]

Originally Posted by BabyDoctor77

University Park home price gains top North Texas cities | | Dallas Morning News

Great for whoever is selling. For the rest in Park Cities (like the ones that bought in 2006) good luck with the 55% property tax increase. Now, in Palo Alto, the other example, 105% property value increase translates into maybe 10% more property tax..

[RonnieinDallas]

Moderator note: This thread is getting way off topic. The topic of this thread is the "increasing cost of Dallas area homes". Any post attempting to hijack this thread will be deleted.

[hsw]

Need to compare cost of new 3K sf house in Frisco vs public schools vs commutes to Plano/Irving offices vs income&prop taxes in NYC/Chicago/SV/LA regions

Also need to ask why silly, back-office states like GA, AZ, NC, etc have absurd ~5% state income tax (also need to ask that abt dumps like MI, OH, MN, MA, PA, etc etc) and why no known upscale Atl, Phx, Durham suburbs have decent, safe public schools, unlike HP or Frisco, etc

Only major region that rivals DFW/Aus/Hou for efficiency is Seatt b/c of 0% state income tax; but housing costs are much higher presumably b/c of anti-building regs of suburban Seatt

Inefficient regions have anti-building/taxes/corruption issues such that no such new <$5MM houses exist w/decent public schools anywhere near relevant offices

For HP which is a tear-down corridor, like affluent suburbs of any major US city, need to look at cost of land, build costs and income tax rates....HP (like RiverOaks) land is more costly than land in Atherton or Woodside or Greenwich or Winnetka; only land similarly costly is that of BevHills/BelAir/Brentwood; build costs are prob 40% cheaper psf bc of lack of commie unions/corrupt regs....and inc tax arb is 10+% vs NYC/CA...and IIRC HP public schools spend ~$10K/kid/yr vs $15+K in PaloAlto or ~$40K in Scarsdale for similar quality schools, illustrating inefficiencies/corruption of NY/CA/IL vs TX

Weather/topography/local produce in TX is about as nasty as that available in NYC/Chic, much of why NY/NJ/CT/IL are so irrelevant in modern economy....but much of why many wealthy (incl wealthy Texans) still choose to reside in coastal CA is the weather/topography/local produce, despite the annoying commies of coastal CA (same stuff of Chic or Austin or Detroit or Mps....same commie morons who don't understand basic biz/human incentives...but impose their many taxes upon the "middle-income" who ultimately suffer the hassles of lack of affordable new housing anywhere nr their offices)

[lovethisarea]

Originally Posted by hsw

Need to compare cost of new 3K sf house in Frisco vs public schools vs commutes to Plano/Irving offices vs income&prop taxes in NYC/Chicago/SV/LA regions

Also need to ask why silly, back-office states like GA, AZ, NC, etc have absurd ~5% state income tax (also need to ask that abt dumps like MI, OH, MN, MA, PA, etc etc) and why no known upscale Atl, Phx, Durham suburbs have decent, safe public schools, unlike HP or Frisco, etc

Only major region that rivals DFW/Aus/Hou for efficiency is Seatt b/c of 0% state income tax; but housing costs are much higher presumably b/c of anti-building regs of suburban Seatt

Inefficient regions have anti-building/taxes/corruption issues such that no such new <$5MM houses exist w/decent public schools anywhere near relevant offices

For HP which is a tear-down corridor, like affluent suburbs of any major US city, need to look at cost of land, build costs and income tax rates....HP (like RiverOaks) land is more costly than land in Atherton or Woodside or Greenwich or Winnetka; only land similarly costly is that of BevHills/BelAir/Brentwood; build costs are prob 40% cheaper psf bc of lack of commie unions/corrupt regs....and inc tax arb is 10+% vs NYC/CA...and IIRC HP public schools spend ~$10K/kid/yr vs $15+K in PaloAlto or ~$40K in Scarsdale for similar quality schools, illustrating inefficiencies/corruption of NY/CA/IL vs TX

Weather/topography/local produce in TX is about as nasty as that available in NYC/Chic, much of why NY/NJ/CT/IL are so irrelevant in modern economy....but much of why many wealthy (incl wealthy Texans) still choose to reside in coastal CA is the weather/topography/local produce, despite the annoying commies of coastal CA (same stuff of Chic or Austin or Detroit or Mps....same commie morons who don't understand basic biz/human incentives...but impose their many taxes upon the "middle-income" who ultimately suffer the hassles of lack of affordable new housing anywhere nr their offices)

It took some effort to understand your post but I see your point/s. On good schools in other known "best places" like Durham etc I don't agree. For example Durham county schools are bad but RTP (a major job center) is bordering Cary and Morrisville (Wake County). And Wake county schools are top notch in the region. Similar story for some Atlanta and Phoenix suburbs.

Apart from higher cost of housing, Seattle has some weather, perception and cultural issues too. Check statistics on number of suicides.

Yes NY and CA have more corruption but I don't think that is result of democrat (in your words commie) influence. NJ has republican govn and it gives fierce competition to NY and CA for corruption.

I agree with you on CA living. I would love to live in CA or Hawaii if I could afford. But considering COL, income levels etc, for now I will just be happy with a yearly vacation there. But you are wrong on taxes there. In TX middle-income folks are taxed heavily as major share of their net-worth is in residential property. For people who have substantially high income and non-real-estate investments in their portfolio, TX is almost a tax heaven.

[EDS_]

Originally Posted by ufcrules1

Excellent post. I agree with most of what you say. I would like to point out that tax burden isn't much lower than the national average but is a lot lower than some of the other big cities like LA, Chicago, and NY for example. If people are reasonable when they move here and go from say an 800k home in LA to a 4 or 500k home here, they can save a ton of money.

That's a great post.

A good way to contextualize state and local tax burdens is by comparing those burdens against other states as a percentage of each state's income.

To me this particular stat underscores some of why Texas has been so popular lately.

Scroll down a bit to the map........

http://taxfoundation.org/sites/defau...2014_Final.pdf


The Texas Triangle cities in particular are growing because of income, income net of taxes, overall cost of living, world class healthcare availability, excellent college/university choices, high intensity research, easy air travel, phenomenal business opportunities and more yielding advantages over most areas.

[EDS_]

Originally Posted by lovethisarea

But you are wrong on taxes there. In TX middle-income folks are taxed heavily as major share of their net-worth is in residential property. For people who have substantially high income and non-real-estate investments in their portfolio, TX is almost a tax heaven.

Lots of variables are in play.

1. Middle class definitions vary by state and region - even by city sometimes. Middle class is different in the Bronx vs. Manhattan for example.

2. A bulk of a middle class family's net worth is often tied to their home as you noted. However, compared to many cities DFW offers much more home per dollar so comparisons likes yours need some analysis.

Our house and lot is worth a tad over a million bucks. If I could replicate the lot - shade under an acre, proximity to downtown - 10 minutes and usually less, home size and quality 4,000+sf and it well finished in say LA or SF or NYC I probably couldn't do it at all if I could the tab would be a minimum of $6M and probably $9 or $10M.

The point is the property tax bills on equivalent homes elsewhere is often higher than in Dallas/Texas.

[Ultrarunner]

Originally Posted by TurtleCreek80

Do the lower property tax states have a state income tax? You have to compare your total tax burden, not just look at one component to determine whether you'd have more to spend in another state.

The thing with Property tax is it just happens and the amount of increase can be quite a shock...

To pay Income Tax I have to have income...

To pay Sales Tax I have to make a purchase...

Property Tax is really a wild card... it can be unpredictable and I do feel for those that go on just living their lives in a modest home in an area with rising prices because unless you are selling... what good are rising prices.

Dallas Home are increases meaning there is more demand than supply... not everyone in Dallas is looking to cash out and move... so the increased value is also an increased burden.

I've been though similar in Washington State... my Property tax assessment went up 80% above what I had paid for the place 18 months prior and it was a regular sale and the home had been on the market for a long time...

To those that say appeal is always an option... yes... but, who needs to spend their time in a series of appeals???

Just my thoughts.

[wallawallahoohoo]

Rising property values, rising property taxes, hence the inevitable gentrification of older neighborhoods in more desirable parts of town. Such is the cycle and I don't see anything wrong with that. If a family can't afford to pay rising property taxes, it's probably time to move further out and in a cheaper location, or to downsize substantially. At least they can cash out their home equity value.

[gocubs418]

Originally Posted by numberfive

Where? Are you a magician?

Seriously though, are you talking about updated homes close to the city, or major fixer uppers 60 miles outside of Chicago? When I look at areas, I'm comparing the Planos and Richardsons of TX to the Napervilles, Evanstons, and Barringtons of IL. GreatSchools rankings of 9's and 10's for ele/jr/high schools. What Chicago suburbs have those same 9's and 10's for homes in the $2-300k range?

If you don't want to derail the conversation, please send me a PM. If you can show me some of those areas, I'm definitely sending beer money your way, no joke.

I think you answered this. The poster is obviously one who possesses magical powers, may or may not be a Wizard or an Alchemist..... we will never know.